KUALA LUMPUR: SMTrack Bhd's wholly-owned subsidiary SMT Turbojet Resources Sdn Bhd (SMTJ) has entered into a project management consultancy agreement with Eight Safety Consultancy Sdn Bhd (8SC).
SMTJ has been awarded the project management consultancy project, which entails being the administrative consultant for the petroleum oil and gas (O&G) industry safety product purchase process or any traceability solutions that are compatible with the system to the targeted end-users.
SMTrack's deputy executive chairman Azmi Osman said the company looks forward to the consultancy job as it will widen its customer base to include the O&G players, which are vital to the supply of energy globally.
"Given our strength in the Radio-Frequency Identification (RFID) solutions, this will help us to be an effective project management support for the petroleum O&G industry safety product purchase processor or any traceability solutions compatible with the system," he said.
He said that the importance of safety within the O&G industry is vital for a traceability solution to the product purchase process.
Azmi added that the contract would enhance the company's earnings base going forward.
"With a wider customer base that includes industries with a strong regulatory framework such as the O&G, this will help us win more projects within the industry going forward," said Azmi.
8SC's chief executive officer Syed Ansar Mohamed Kalik said the company looks forward to the collaboration to ensure the transparency of the petroleum O&G industry's safety product purchase processor.
"In our industry, it is vital to have reputable partners such as SMTJ to build on our track record.
"We believe the agreement will add value to both parties and set a foundation for future collaborations," he said.
Under the agreement, SMTJ is entitled to five per cent to 10 per cent of the total project value profit, which will help diversify the company's revenue streams.